PROFITS among the north’s top small and medium enterprises (SMEs) soared by more than 50 per cent last year, according to new research.
The annual Ulster Business Next 200, which ranks Northern Ireland’s top SMEs by sales, revealed their combined pre-tax profits jumped from £483 million in 2021 to £727m in 2022.
The list, based on turnover declared in company accounts, showed the combined sales of the top 200 came in at £9.62 billion, a 20 per cent increase on the £7.91bn from the previous reporting period.
Some 17 of the 200 companies posted losses during their latest financial year.
Scrap metal business Clearway Disposals Ltd topped this year’s list with turnover of £111.6m.
Construction firm Henry Group (NI) Ltd, was among the climbers. A 68 per cent jump in turnover to £95.6m took the Magherafelt company to fifth spot in the list.
Ulster Business editor, John Mulgrew, said: “Much like the performance of our largest firms, this year’s cohort of SMEs have shown resilience and truly stellar results – posting the most significant increases in my time as editor and beyond.
“There are a host of household names making this year’s Next 200 list, from right across the sectors, along a swathe of lesser-known businesses which showcase both the breadth and the quiet success of what is often referred to as the backbone the Northern Ireland economy – our SMEs.
“Some of the companies have been around for generations, while we are also seeing many burgeoning firms which were formed here less than 10 years ago.”
Jonathan Cushley, who compiled the list, said: “For the past few years, the Top 100’s sister listing the Next 200 has allowed business owners to understand how companies below the largest are performing and provides an indication of companies making the step up to the Top 100 Companies listing.”
